Overview

• Acting Chair Caroline Pham broadened the sprint beyond spot listings to cover custody, leveraged retail trading, consumer protections, DeFi oversight, banking access, and tax treatment.
• Stakeholder engagement began this week to gather detailed input on how leveraged, margined, or financed retail activity should operate on CFTC‑registered exchanges.
• The initiative aims to enable listed spot crypto trading under federal supervision while clarifying CFTC oversight of tokens that are not securities.
• The process is the third step in a four‑phase plan that will use feedback to craft formal rules and supervisory guidance in the next phase.
• CFTC officials signaled potential U.S. authorization of crypto perpetual contracts remains under review, as leadership decisions on a permanent chair and commission staffing are unresolved.